For those of you new to Syndicate (SYNX) this is the guide for you. It will give you a basic rundown of how to set up your wallet, start staking your coins for passive cryptocurrency income, and also point you to setting up a masternode if you wish to do so. Technically, this article is mostly geared towards cryptocurrency newbies, but there have been a few growing pains with SYNX. This guide aims to correct any potential issues so you can get into this coin hassle-free.
Syndicate aims to bring business/asset management to the blockchain. Syndicate was launched in July of 2016 and is a fork of TransferCoin (TX), which is actually a fork of DASH (formerly known as DarkCoin). This is why you actually see many of the same features (ie Mixing, InstantSend) in SYNX. I’ve not tried either, so I can’t say how well they work or not. Regardless, transactions are cheap and fast with SYNX!
Originally this project was abandoned by the original dev(s). Over the past several months, the “new” dev team hasn’t released any updates to the code and simply getting in touch with them seemed to be impossible. Yet again, it seemed the project was abandoned. Enter the new team. So far, made up of several coders, a marketer and a graphic designer, designing a new logo. The above logo was one such design. Wallet updates are coming soon, along with a new website. Syndicate has finally been properly revived, and that’s what is getting people excited.
Perhaps the most attractive features of Syndicate right now, are the fact that you can stake the coins in your wallet for passive income, or even run a masternode. This requires 5000 coins, but SYNX is still cheap, and this is why many have chosen to jump into this coin and start a node of their own. Just look at the profitability of DASH masternodes!
We’ll talk more about this later. 🙂
As for buying SYNX:
Syndicate is currently available for trade on Bittrex and Cryptopia.
Wallet Download and Setup:
The most recent version of the official Syndicate wallet has issues with freezing. It does technically function, but this problem can become quite frustrating. Thankfully, a community member (ree) released a fixed version of v184.108.40.206 wallet that does not have this problem.0
Just unzip the folder and run the install file. Syndicate will be installed to:
Local Disk -> Users -> (Your User) -> AppData -> Roaming -> Syndicate
TIP: If you haven’t enabled Windows to show hidden folders, you won’t see the AppData folder under your user. You can enable Windows to show these folders, but for the quickest way, just type ” %appdata% ” (without the quotations) into the Windows search, and you’ll be able to access it easily.
NOTE: Many users seem to have issues with properly syncing the blockchain, so here is the solution. I’ve uploaded a peers.dat file here containing many active nodes, as well as the entire SYNX Blockchain for your convenience, along with the database files so your wallet can properly read the blockchain. All these files are in the zip file at the MEGA link that is below. These files courtesy of Aziz, a member of the SYNX community!
The easiest way to do this is… Start up the wallet for the first time. Now close it. Now open your Syndicate directory and delete everything inside. Yes, everything. That is, provided you haven’t put coins in yet, which means you want to save the “wallet.dat” file you see. Next…
Go to the downloaded zipped blockchain folder, right-click “extract”, and then one again find your Syndicate directory. Extract these directly into the Syndicate directory, so that just the files “blk0001.dat”, “peers.dat”, and the folders “database” and “txleveldb” remain.
You are now ready to start up your wallet!
Remember, the blockchain file above is over 500MB (300MB+ when compressed), along with the database files which are several hundred MB more. However, it is much quicker to manually download it than to download the entire chain through peers alone. Again, unzip these files right into “Syndicate” directory, after having deleting everything that was there. Start up the wallet again, and you should be set with a synced wallet.
“But I still don’t have any peers!”
ALTERNATIVELY: You can simply use the “addnode” command in the SYNX console. “Help” -> Debug Window -> Console… Just copy all of the below strings of text right into the console and hit enter, you should see a string of green entries. See if you’re able to get some active connections. But even still, I recommend downloading the blockchain yourself from the link above to massively speed up syncing regardless.
addnode 220.127.116.11:9999 add
addnode 18.104.22.168:9999 add
addnode 22.214.171.124:9999 add
addnode 126.96.36.199:9999 add
addnode 188.8.131.52:9999 add
addnode 184.108.40.206:9999 add
addnode 220.127.116.11:9999 add
addnode 18.104.22.168:9999 add
addnode 22.214.171.124:9999 add
addnode 126.96.36.199:9999 add
addnode 188.8.131.52:9999 add
addnode 184.108.40.206:9999 add
addnode 220.127.116.11:9999 add
addnode 18.104.22.168:9999 add
addnode 22.214.171.124 add
addnode 126.96.36.199 add
addnode 188.8.131.52:9999 add
addnode 184.108.40.206:9999 add
If you don’t see any active connections, restart the wallet and give it a few minutes. After a while, you should see active connections and be good to go!
Anyway… Hopefully at this point, you are actively connected to the SYNX network and you’re all caught up on the blockchain. If so, this is probably the time when you’ll want to encrypt your wallet to protect your coins. In the Syndicate Wallet…
“Settings” -> Encrypt… And put in a password. Be sure not to lose it!!
NOTE: You should back up your wallet file as well. “File” -> “Backup Wallet” -> Save it wherever you’d like and keep it safe!! Also note that this wallet file only contains your private keys/address that exist at the time of backup. Creating new addresses containing coins will mean you need to backup another new wallet file. If you don’t, those new addresses/coins will be lost if you needed to restore your wallet!! This is NOT something to neglect!!
To restore your wallet, you would just take the backed up “wallet.dat” file, and drop it into a new install of the Syndicate wallet. Again, this is the file that contains the keys for your addresses! If you changed the name of the file and are now restoring your wallet, simply change its name back to “wallet” and it should automatically have the “.dat” extension. You should be able to start your wallet with the balance as it was.
How to Stake With the Syndicate Wallet:
Staking SYNX for passive income is probably the coin’s most attractive feature, and it’s dead simple to do! Hopefully you’ve completed the previous step, are actively connected to the Syndicate network, and are all caught up on the blockchain. Now…
Just send some coins to any of your Syndicate Addresses. BE SURE not to send exactly 5000 coins, as this is reserved for a masternode and the wallet doesn’t seem to like this.
After doing this, you must wait for 300 network confirmations (about a few hours or so) for your coins to “mature”. After this happens, you’ll need to unlock your wallet for staking up top.
NOTE: The wallet won’t let you do this unless you’ve already encrypted it. So encrypt it first, then unlock if for staking as described below.
“Settings” -> Unlock Wallet – Put in your password. I’d recommend keeping “unlock for staking only” checked. This means that you’re allowing the wallet to stake, but every other action (ie sending coins) will need your password again. A little tedious sometimes, but much more secure… Better safe than sorry!
When properly staking, you will see the white lightning bolt lit up in the bottom right corner of the wallet, as shown below. Enjoy your staking rewards! 😉
Of course, the more coins you’re staking, the more rewards you’ll receive, but it always varies depending on current “network weight” and so on. I’d recommend at least a couple thousand SYNX for staking, given current price. Personally, I don’t see 25 cent SYNX lasting for all that long.
NOTE: Staking coins requires you to leave your computer ON with your wallet OPEN. If you close the wallet, shutdown etc, you will need to re-enable staking when starting the wallet up again.
Syndicate Masternode Setup:
Again, a huge point of attraction towards SYNX is the ability to own a masternode for passive income. Even better, Syndicate masternodes have a great ROI and are dirt cheap for what you’re getting. For just $1,000 USD (5000 SYNX at 20 cents per coin) you can own one of these nodes and at the minimum, double your money in a year’s time. However, most of us are banking on price going way up, so naturally this will make your ROI % much better. If you plan on owning a masternode, the time to invest in 5000 SYNX is now. If you can’t afford 5000, buy what you can and stake until you have enough!
However… It should be noted that staking a similar amount of coins (about 5,000 SYNX) will yield similar payouts to owning a masternode, at least for the time being. For this reason, I actually don’t necessarily recommend bothering with setting one up now. Likewise, you’ll typically need a virtual private server, which is going to cost you a little money. The amount is low and will pay for itself, but staking is a no-brainer. Setting up a masternode isn’t necessarily.
But if setting up a masternode is something that piques your interest and is something you’d like to do yourself, check out his guide by community member Markus! He makes setting up a masternode yourself much easier and far less confusing!
IF YOU ARE NOT CONFIDENT in setting up the masternode yourself, there are other options. I opted to use Nodeshare.in. They set up the server and do the heavy lifting for you! They are a little bit more expensive than running your own VPS (virtual private server) through Vultr for example. But remember that you’re paying for their services and not having to deal with potential technical headaches. I’ve used them along with many other community members. They also help you host masternodes for many other coins as well.
Again, the website is nodeshare.in.
Fast setup, fast responses and so on. I really can’t recommend them enough!
Any other comments, questions, concerns..?
We are an active community and we have many members who are happy to help with any issues you have, or any questions you may need to ask! I do hope this guide answered most of the questions and or issues you may have. If not, shoot us a message in the Syndicate Telegram and we’ll get you where you need to be! Link below.
A Slack is coming soon too! But do feel free to comment below this article as well! I’ll try to help you out myself, but I am much more active on the Syndicate Telegram currently, so that’s that’s the place to find help.
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